{"id":119399,"date":"2024-10-28T18:38:53","date_gmt":"2024-10-28T11:38:53","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=119399"},"modified":"2024-10-28T18:38:53","modified_gmt":"2024-10-28T11:38:53","slug":"oil-prices-drop-dramatically-after-israels-limited-strikes-on-iran","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=119399","title":{"rendered":"Oil Prices Drop Dramatically After Israel&#8217;s Limited Strikes on Iran"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div id=\"article-content\">\n<p><meta http-equiv=\"Content-Type\" content=\"text\/html; charset=utf-8\"\/><\/p>\n<p dir=\"ltr\">Oil prices dropped dramatically at the start of the week after Israel\u2019s limited reaction to Iran\u2019s missile attack convinced markets that a marked escalation in the conflict was unlikely.<\/p>\n<p dir=\"ltr\">Iran\u2019s Supreme Leader Ayatollah Ali Khamenei then helped to cool tensions on Sunday when he signaled there would not be any direct response to Israel\u2019s strikes in Iran.<\/p>\n<p dir=\"ltr\">The price of <a href=\"https:\/\/oilprice.com\/futures\/wti\/\">West Texas Intermediate<\/a> tumbled from $71.78 on Friday to $68.01 early on Sunday morning before recovering slightly. <a href=\"https:\/\/oilprice.com\/futures\/brent\/\">Brent crude oil futures<\/a>, meanwhile, fell from $76.05 on Friday to below $72 before bouncing back toward $73.<\/p>\n<p dir=\"ltr\">The geopolitical risk premium in oil markets climbed dramatically on October 1st when Iran fired almost 200 ballistic missiles at Iran in response to Israel killing Hamas\u2019 political leader Ismail Haniyeh in Tehran.<\/p>\n<p dir=\"ltr\">After weeks of speculation about how Israel would respond, including reports that it might target oil and gas sites in Iran, the relatively limited scope of the attack on Saturday has helped cool tensions in the region.<\/p>\n<p dir=\"ltr\">At around 02:15 local time on Saturday, Israel carried out what it described as \u201cprecise and targeted\u201d airstrikes on Iran. According to the <a href=\"https:\/\/www.bbc.com\/news\/articles\/cgr0yvrx4qpo\">BBC<\/a>, \u201cThe targets included Iran\u2019s air defences, as well as missile and drone production, and launch facilities.\u201d The Iranian military confirmed that four soldiers had died during the attack.\u00a0<\/p>\n<p dir=\"ltr\">The United States described the attack as an \u201cexercise of self-defense\u201d after President Biden had urged Israel not to target any oil infrastructure or nuclear facilities.<\/p>\n<p dir=\"ltr\">The day after the attack, Iran\u2019s supreme leader signaled that any response from Iran would be measured, <a href=\"https:\/\/www.ft.com\/content\/e1c7eaf5-834a-4819-bf9b-a39b51e2e8a9\">adding that<\/a> \u201cThe viciousness of the Zionist regime should neither be overestimated nor underestimated\u201d.<\/p>\n<p dir=\"ltr\">This relative cooling of tensions between Israel and Iran has reduced the risk of a major supply disruption in the region, leading oil markets to refocus on fundamentals. The fact that spare capacity remains high is only going to add to the downward pressure on oil prices.<\/p>\n<p dir=\"ltr\">Opinion in oil markets appears to be unified on the direction of prices in the short term, with Andy Lipow, president at Lipow Oil Associates, telling <a href=\"https:\/\/www.cnbc.com\/2024\/10\/28\/oil-slides-over-4percent-as-israels-attack-on-iran-unlikely-to-disrupt-supplies.html\">CNBC<\/a> that it now \u201cmay be difficult to see Brent crude oil prices reaching $80 in the foreseeable future\u201d.\u00a0<\/p>\n<p dir=\"ltr\">ING\u2019s Warren Patterson and Ewa Manthey as well as MST Marquee\u2019s Saul Kavonic <a href=\"https:\/\/oilprice.com\/Latest-Energy-News\/World-News\/Oil-Prices-Tumble-as-Tensions-in-the-Middle-East-Cool.html\">both see<\/a> Israel\u2019s limited attacks as opening the door to de-escalation. A de-escalation that will cause markets to refocus on surplus supply and lackluster demand.<\/p>\n<p dir=\"ltr\">Even before the latest developments, Goldman Sachs had <a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/Goldman-Sachs-Sees-Limited-Upside-for-Oil-Prices-in-2025.html\">warned<\/a> that there was limited upside for oil prices in 2025, citing spare capacity and weak demand.<\/p>\n<p dir=\"ltr\">While the risk of a major supply disruption in the Middle East is by no means off the cards, expect demand &#8211; and particularly China\u2019s economy &#8211; to be the focus of oil markets ahead of the U.S. election.<\/p>\n<p dir=\"ltr\">By Josh Owens for Oilprice.com<\/p>\n<p><strong>More Top Reads From Oilprice.com<\/strong><a href=\"https:\/\/oilprice.com\/Energy\/Energy-General\/Natural-Gas-Flaring-Alternatives-Innovative-Solutions-For-A-Greener-Future.html\"\/><\/p>\n<p><\/p><\/div>\n<p><script>!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod?n.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;t.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window,document,'script','https:\/\/connect.facebook.net\/en_US\/fbevents.js');fbq('init','332667700771750');fbq('track','PageView');<\/script><br \/>\n<br \/><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/oilprice.com\/Energy\/Oil-Prices\/Oil-Prices-Drop-Dramatically-After-Israels-Limited-Strikes-on-Iran.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices dropped dramatically at the start of the week after Israel\u2019s limited reaction to Iran\u2019s missile attack convinced markets that a marked escalation in the conflict was unlikely. Iran\u2019s &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=119399\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-119399","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/119399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=119399"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/119399\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=119399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=119399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=119399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}